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Melissa acquired oil and gas properties for $600,000.During 2014 she elected to expense the $180,000 of IDC.Total depletion allowed was $50,000.During the current year,Melissa sells the property for $700,000.
a.What is the amount of and nature of her gain using the facts above?
b.What is the amount of and nature of her gain assuming that she sold the property for $850,000?
Price
The quantity of cash forecasted, demanded, or paid in return for an item.
Entire Income
The total amount of income received from all sources before any deductions, taxes or expenses are subtracted.
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A standard or basic quantity into which an item of supply is divided, issued, or used.
Clothing
Garments and articles worn on the body, typically made from fabric or textiles.
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